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EUR/USD pressing higher this morning as the Dollar correction extends

The drop back in the USD/JPY yesterday afternoon helped to push the dollar more generally lower. That was noted here a little earlier this morning and it was the EUR/USD that reaped the benefit of that. The EUR/USD continued to grind higher into the US close, where it later ended the session at 1.0673. The fact that is has now formed a clearly defined interim double bottom at 1.0602 and 1.0601 has helped it to rebound too. The move higher is extending right now this morning. The next level of resistance to note from here on is now at 1.0709. That is a 38.2% correction target of the fall from 1.0885, to the most recent low at 1.0601. It that is reached and surpassed then the next level is at 1.0743, which is a 50% target. Of course we have to see if the Euro can reach that first target anyway. What is interesting; is this corrective move is unfolding at a time when it is becoming even clearer; that the ECB will now deliver a rate cut in June, when the odds of that happening in the US have all but disappeared. The EUR/USD is currently trading at 1.0686 

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